New Skift Report: Balancing Purpose and Profit in the Travel Industry

Intrepid Travel + Skift

- Jul 12, 2018 10:00 am

Skift Take

Many travel brands assume that a commitment to doing good means the bottom line will take a hit. But based on a growing amount of evidence, it’s simply not true. Companies like Intrepid Travel are discovering that purpose-driven business goals can help their organizations become more innovative, resilient, authentic, and profitable.

We’re publishing a new Skift Trend Report in partnership with Intrepid Travel: Balancing Purpose and Profit, that takes a closer look at how travel organizations can create more purpose focused companies, and why doing so is good for the world and the bottom line.

Travel is now the world’s biggest industry. According to a 2016 estimate by the World Travel & Tourism Council, the industry’s collective economic contribution to the world economy totaled more than $7.6 trillion. But this growing financial might can often be a double-edged sword. Travel has the power to change lives, bring attention to pressing world problems, and deliver much-needed monetary support to communities in need. But it can also contribute to growing challenges like overtourism, rising carbon emissions, social inequality, and issues with child protection.

In the face of these conflicting demands, a growing range of travel brands have come to a surprising realization: when they aim to do good, both the company and the world can benefit. This concept of focusing on both purpose and profit, known in some quarters as corporate social responsibility or creating shared value, is gaining growing acceptance in the travel industry. In “Balancing Purpose and Profit: Why Doing Good is a Competitive Advantage in the Travel Industry,” Skift and Intrepid Travel investigate the consumer and corporate shifts encouraging today’s travel brands to design more purpose-driven travel experiences, explaining how the businesses adopting this approach can benefit the world and the bottom line.

This report:

Reinforces the significant impact of the travel industry business decisions on economic, social, political, and cultural issues around the globe

Explains why more travel brands are combining purpose- and profit-driven goals in their business strategies

Reviews the consumer, corporate, and political changes that have made the shift toward purpose-driven business more important

Examines strategies that travel brands can use to better balance between purpose-driven values and profits

Looks at examples of successful companies both inside and outside of the travel industry that have succeeded thanks to a purpose-driven approach